Entendre Finance, the world’s first fully automated end-to-end accounting and bookkeeping solution for blockchain activity, has recently raised US$4M in seed financing for use by global businesses operating in Web3.
Led by Basis Set and with participation from Valhalla, Caffeinated, Moonpay, Alumni, MDig, and Alpine, Entendre intends to build a platform that modern finance institutions, including those in the Philippines, can use to put blockchain financial operations on autopilot.
IMAGE CREDIT: https://entendre.finance
With recent news stories clouding the crypto industry, businesses need proper financial controls for on-chain activities. Entendre’s mission is to accelerate Web3 by automating on-chain financial operations and reducing operational costs so businesses can focus on innovation.
The platform is ready for scale, easy to use, and customizable for any business looking to introduce blockchain transactions into its ecosystem.
Entendre provides an automated double-entry accounting solution powered by AI that can record entries for any blockchain transaction. The platform supports multiple blockchains as well as integrates well with leading accounting platforms and different Web3 applications.
The customer base includes industry disruptors like Hedgey, Lava, Anima, and a number of similar other disruptors.
“The next 12-24 months will be critical for the longevity of blockchain companies and adopters. They must implement better systems and internal controls. Our focus is on onboarding as many businesses as possible, so that their accounting costs are inverse with their continued growth,” stated Kareem Khattab, CEO and founder of Entendre, in a press statement.
For his part, Lan Xuezhao, General Partner at Basis Set, said, “We at Basis Set Ventures are delighted to lead the investment round for Entendre, a company that brings much-needed transparency and accountability to the world of blockchain transactions.”
“Their comprehensive solutions cater to businesses of all kinds, ensuring robust financial controls for on-chain activities. As we prepare for the growing impact of Web3 use cases, Entendre’s work, led by Kareem and his team, positions them at the forefront of this critical evolution in the crypto landscape,” he adds.
Founded in 2023, Entendre Finance gives companies the competitive edge in Web3 by reducing their operational costs and human capital by being the system of record of their on-chain activity and financial statements.
Through its platform, businesses can focus on building innovative Web3 solutions to help drive further adoption of blockchain technology. Entendre is headquartered in NYC, with employees from Coinbase, CloudKitchens, Hulu, Amazon, and WeWork.